Following moves that have seen Stoxx50 trading well below the Bollinger band base (3002.0) and with daily studies at O/S levels and looking to correct, Monday saw a bounce back towards initial resistance. Bulls continue to look for a close above 3062.2 to confirm an easing of bearish pressure while above the 200-DMA shifts immediate focus to the 3192.4-3223.9 region where 100 & 55-DMAs and late July highs are located.
RES 4: 3129.0 200-DMA
RES 3: 3105.4 Hourly resistance Aug 1
RES 2: 3095.1 High Aug 5
RES 1: 3062.2 High Aug 6
PREVIOUS CLOSE: 3047.4
SUP 1: 3019.4 Low Aug 11
SUP 2: 2971.5 Monthly Low Mar 14
SUP 3: 2944.1 2014 Low Feb 4
SUP 4: 2916.7 Monthly Low Dec 13 2013